HOLLYWOOD, CALIF. — Champion Real Estate Company has purchased a 1.14-acre commercial parking lot in Hollywood where it plans to develop a mixed-use project. The firm will continue to operate the parking lot, located at 1717 Cherokee and 1718 Las Palmas, until construction commences. This is Champion’s second Hollywood acquisition within a year. It also recently purchased a $20-million, 2.76-acre redevelopment site for another mixed-use development.
HILLSBORO, ORE. – A 12,000-square-foot retail building in Hillsboro's Tanasbourne area has sold to an unnamed buyer for $4.5 million. The building is currently fully leased to two medical tenants, including Aspen Dental and Concentra Health. Both recently signed 10-year leases at the property after the building was retrofitted. Chris Johnson, MaryKay West, Denis O'Neill and J.J. Unger of NAI NBS represented the seller, Quattro Hillsboro LLC, in this transaction.
DENVER, TEMPE, ARIZ. — Morrison Street Capital has recently closed three transactions in the Denver and Tempe areas for a total of $5,661,000 in invested equity for Morrison Street Fund IV and Morrison Street Debt Fund II. The investments included $2,661,000 of preferred equity for the 312-unit Greenwood Point Apartments in Englewood, Colo.; $1.4 million for the 230-unit Peachtree Apartments in the Denver metro area; and $1.6 million in the 172-unit The Park in Tempe. Morrison Street utilized the preferred equity investment to finance the Colorado acquisitions and to recapitalize the Tempe property.
SANTA CRUZ, CALIF. — Forever 21 will occupy the 22,508-square-foot space in downtown Santa Cruz that was previously home to Borders bookstore. The fashion retailer will move into the building in August after the remodeling has been completed. Stuart Zall of the Zall Company and Neal Berkowitz of Newmark Knight Frank represented the landlord, Redtree Properties, L.P., in this transaction.
TYSONS CORNER, VA. — Greystar and Prudential Real Estate Investors (PREI) have formed a joint venture to build the 404-unit Ascent, a high-rise apartment community located at the intersection of Route 7 and Spring Hill Road in Tysons Corner. The 26-story property will be the tallest building in Tysons Corner. Amenities will include a rooftop pool, fitness center and community areas. Greystar will develop and manage the property, John Moriarty & Associates is the general contractor and PREI is acting on behalf of institutional investors. The property is part of the 7 million-square-foot Spring Hill Station, a mixed-use development under construction by the Georgelas Group and Dierman Realty Group, along with partners T-Rex Capital Group and Preminger Investments. Construction on Ascent is slated to begin this spring, with an expected completion in mid-2014.
OLIVE BRANCH, MISS. — Monmouth Real Estate Investment Corp. has acquired a 234,660-square-foot industrial building, located at 8644 Polk Ln. in Olive Branch, for $16.2 million. The property, which was a build-to-suit developed by IDI, has net-leased for 10 years to Anda Pharmaceuticals, a distribution division of Watson Pharmaceuticals.
NORCROSS, GA. — The 33,000-square-footo Northwoods Data Center, located at 2775 Northwoods Pkwy. in Norcross, has sold for $5.3 million. The property is fully leased through 2025 to a co-location tenant that operates in 10 separate markets and runs a total of 21 data centers. Kansas City, Mo.-based Carter Validus Mission Critical REIT was the buyer.
LEE BRANCH, ALA. — Birmingham, Ala.-based Church of the Highlands has purchased a 50,750-square-foot office building, located at 1701 Lee Branch Ln. in Lee Branch, from BBVA Compass for $4 million. The property was formerly the headquarters of AIG Baker Shopping Center Properties. Dan Lovell, Walter Brown and Sam Carroll of Graham & Co.'s Birmingham office represented the seller in the transaction.
MAPLE LAWN, MD. — A retail property located in Maple Lawn that is ground leased to McDonald's on a long-term, triple-net basis, has sold for $2 million. Rick Fernandez of Calkain Cos.' Reston, Va., office represented both parties in the transaction.
TINLEY PARK, ILL. — DDR Corp. has acquired Brookside Marketplace in Tinley Park, a southwest suburb of Chicago, for $47.4 million. Brookside is a 550,000-square-foot shopping center. Anchor tenants include Best Buy, Dick's Sporting Goods, Old Navy and PetSmart. Rick Drogosz and Joe Girardi of Mid-America Real Estate Corp. represented the seller, Ryan Cos. Inc., in the transaction.